R.R. Donnelley & Sons Company (RRD, Financial) filed Quarterly Report for the period ended 2010-03-31.
R.r. Donnelley & Sons Company has a market cap of $4.32 billion; its shares were traded at around $21.02 with a P/E ratio of 13 and P/S ratio of 0.5. The dividend yield of R.r. Donnelley & Sons Company stocks is 5%. R.r. Donnelley & Sons Company had an annual average earning growth of 5.5% over the past 10 years.RRD is in the portfolios of Jim Simons of Renaissance Technologies LLC, Richard Aster Jr of Meridian Fund, Steven Cohen of SAC Capital Advisors, David Dreman of Dreman Value Management, George Soros of Soros Fund Management LLC, Jeremy Grantham of GMO LLC, Manning & Napier Advisors, Inc.
2010 Venezuela devaluation: currency devaluation in Venezuela resulted in a pre-tax loss of $8.9 million ($8.1 million after-tax) and an increase in loss attributable to noncontrolling interests of $3.6 million.
For the three months ended March 31, 2010, the Company recorded a net restructuring and impairment provision of $15.5 million compared to $54.2 million in the same period of 2009. In 2010, these charges included $9.2 million for workforce reductions of 504 employees (of whom 381 were terminated as of March 31, 2010) associated with actions resulting from the reorganization of certain operations. These charges primarily related to the reorganization of certain operations within the business process outsourcing and Latin America reporting units within the International segment, as well as the continuing charges resulting from the closing of two Global Turnkey Solutions manufacturing facilities in 2009 within the International segment. In addition, the Company recorded $1.0 million of impairment charges of other long-lived assets and $5.3 million of other restructuring costs, including lease termination and other facility closure costs. Restructuring charges for the three months ended March 31, 2009 included $39.0 million for workforce reductions of 2,693 employees (all of whom were terminated as of March 31, 2010) associated with actions resulting from the reorganization of certain operations. These actions included the closings of two catalog, magazine and retail insert manufacturing facilities, one book manufacturing facility and one digital solutions facility within the U.S. Print and Related Services segment. In addition, these actions included the closings of one Global Turnkey Solutions manufacturing facility and one
Depreciation and amortization decreased $9.4 million to $138.6 million for the three months ended March 31, 2010 compared to the same period in 2009, primarily due to reduced capital expenditures in 2009 and the three months ended March 31, 2010. Depreciation and amortization included $24.7 million and $24.3 million of amortization of purchased intangibles related to customer relationships, patents, trade names, licenses and non-compete agreements for the three months ended March 31, 2010 and 2009, respectively.
Net investment and other expense for the three months ended March 31, 2010 and 2009 was an expense of $9.0 million and $0.3 million, respectively. For the three months ended March 31, 2010, the Company recorded an $8.9 million loss related to the devaluation of the Venezuelan currency, of which $3.6 million increased the loss attributable to noncontrolling interests.
Net earnings attributable to RR Donnelley common shareholders for the three months ended March 31, 2010 was $52.6 million or $0.25 per diluted share compared to $13.9 million or $0.07 per diluted share for the three months ended March 31, 2009. In addition to the factors described above, the per share results reflect an increase in weighted-average diluted shares outstanding of 2.3 million due to higher dilution resulting from increases in the stock price and the issuance of shares related to the vesting of restricted stock units and stock options.
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R.r. Donnelley & Sons Company has a market cap of $4.32 billion; its shares were traded at around $21.02 with a P/E ratio of 13 and P/S ratio of 0.5. The dividend yield of R.r. Donnelley & Sons Company stocks is 5%. R.r. Donnelley & Sons Company had an annual average earning growth of 5.5% over the past 10 years.RRD is in the portfolios of Jim Simons of Renaissance Technologies LLC, Richard Aster Jr of Meridian Fund, Steven Cohen of SAC Capital Advisors, David Dreman of Dreman Value Management, George Soros of Soros Fund Management LLC, Jeremy Grantham of GMO LLC, Manning & Napier Advisors, Inc.
Highlight of Business Operations:
2009 pre-tax restructuring and impairment charges: included charges of $39.0 million for employee termination costs, substantially all of which were associated with restructuring actions resulting from the reorganization of certain operations and the exiting of certain business activities; $2.4 million of other restructuring costs, primarily lease termination costs; and $12.8 million for impairment of long-lived assets.2010 Venezuela devaluation: currency devaluation in Venezuela resulted in a pre-tax loss of $8.9 million ($8.1 million after-tax) and an increase in loss attributable to noncontrolling interests of $3.6 million.
For the three months ended March 31, 2010, the Company recorded a net restructuring and impairment provision of $15.5 million compared to $54.2 million in the same period of 2009. In 2010, these charges included $9.2 million for workforce reductions of 504 employees (of whom 381 were terminated as of March 31, 2010) associated with actions resulting from the reorganization of certain operations. These charges primarily related to the reorganization of certain operations within the business process outsourcing and Latin America reporting units within the International segment, as well as the continuing charges resulting from the closing of two Global Turnkey Solutions manufacturing facilities in 2009 within the International segment. In addition, the Company recorded $1.0 million of impairment charges of other long-lived assets and $5.3 million of other restructuring costs, including lease termination and other facility closure costs. Restructuring charges for the three months ended March 31, 2009 included $39.0 million for workforce reductions of 2,693 employees (all of whom were terminated as of March 31, 2010) associated with actions resulting from the reorganization of certain operations. These actions included the closings of two catalog, magazine and retail insert manufacturing facilities, one book manufacturing facility and one digital solutions facility within the U.S. Print and Related Services segment. In addition, these actions included the closings of one Global Turnkey Solutions manufacturing facility and one
Depreciation and amortization decreased $9.4 million to $138.6 million for the three months ended March 31, 2010 compared to the same period in 2009, primarily due to reduced capital expenditures in 2009 and the three months ended March 31, 2010. Depreciation and amortization included $24.7 million and $24.3 million of amortization of purchased intangibles related to customer relationships, patents, trade names, licenses and non-compete agreements for the three months ended March 31, 2010 and 2009, respectively.
Net investment and other expense for the three months ended March 31, 2010 and 2009 was an expense of $9.0 million and $0.3 million, respectively. For the three months ended March 31, 2010, the Company recorded an $8.9 million loss related to the devaluation of the Venezuelan currency, of which $3.6 million increased the loss attributable to noncontrolling interests.
Net earnings attributable to RR Donnelley common shareholders for the three months ended March 31, 2010 was $52.6 million or $0.25 per diluted share compared to $13.9 million or $0.07 per diluted share for the three months ended March 31, 2009. In addition to the factors described above, the per share results reflect an increase in weighted-average diluted shares outstanding of 2.3 million due to higher dilution resulting from increases in the stock price and the issuance of shares related to the vesting of restricted stock units and stock options.
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